Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income [1] $ 11,703 $ 15,324 $ 39,134
  Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization [1] 39,924 28,762 23,416
Amortization of debt issuance costs [1] 1,464 1,330 1,544
Deferred taxes [1] (58) (9,996) (1,979)
Stock-based compensation [1] 12,835 8,315 7,738
Specific provision for inventory [1] 0 0 742
Impairment and loss on sale of business segments [1] 47,046 19,403 0
Loss on sale of property and equipment [1] 45 479 0
Lease abandonment and termination costs [1] 0 12,205 0
Earn-out receivable adjustments [1] 29,200 0 0
Interest income on note receivable [1] (2,041) 0 0
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables [1] (26,531) (40,239) (25,923)
Contract assets [1] (8,570) 7,781 5,148
Inventories [1] (56,870) (31,668) (87,529)
Prepaid expenses and other current assets and other assets [1] (4,532) (6,685) (3,191)
Operating lease assets and liabilities, net [1] 2,376 (10,247) (390)
Accounts payable and deferred compensation [1] (10,932) (31,756) 23,913
Accrued expenses and other current and noncurrent liabilities [1] (8,069) 5,955 (4,452)
Net cash provided by (used in) operating activities [1] 26,990 (31,037) (21,829)
Cash flows from investing activities:      
Purchases of property and equipment [1] (21,281) (20,704) (18,666)
Proceeds from the sale of business segments, net of cash divested [1] 138,973 40,157 0
Proceeds from payments on notes receivable [1] 0 0 1,557
Cash paid for acquisitions, net of cash acquired [1] (394,144) (283,122) (218,581)
Net cash used in investing activities [1] (276,452) (263,669) (235,690)
Cash flows from financing activities:      
Borrowings on bank credit facilities [1] 667,335 739,236 844,262
Repayments on bank credit facilities [1] (803,585) (739,736) (699,872)
Proceeds from issuance of common stock [1] 442,167 325,999 130,020
Payment of debt financing costs [1] (2,584) 0 (2,890)
Payment of taxes for equity transactions [1] (5,138) (2,633) (1,113)
Dividends paid [1] (8,263) (7,060) (5,436)
Other [1] (142) 0 0
Net cash provided by financing activities [1] 289,790 315,806 264,971
Net increase in cash and cash equivalents [1] 40,328 21,100 7,452
Cash and cash equivalents, beginning of period [1] 29,030 7,930 478
Cash and cash equivalents, end of period [1] 69,358 29,030 7,930
Supplemental disclosure of noncash investing and financing activities:      
Note receivable from the sale of business segment [2] 25,000 0 0
Supplemental disclosures of cash flow information:      
Cash paid for interest [2] 26,849 37,076 35,039
Cash paid for income taxes      
Federal 11,900 8,200 9,900
State 2,938 1,962 1,990
Foreign      
Total cash paid for income taxes 16,114 11,949 13,997
United Kingdom      
Foreign      
Foreign 1,059 1,555 0
Other      
Foreign      
Foreign $ 217 $ 232 $ 2,107
[1]
(a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations. See Note (3) "Discontinued Operations".
[2] restructuring expenses